Diamonds and Dogs
A new tech IPO performing well. The streaming media player maker, Roku (ROKU) closed up 12% after being priced Wednesday night at $14, nearly a double in two days. Great performance, but the company is facing an increasingly competitive streaming video landscape. Many content makers are pulling their content back into siloed streaming services. Disney is the largest recent example of the trend, and the company made waves when it announced it would be pulling its movie and TV content from Netflix in favor of a proprietary streaming service.
National Coffee Day not so hot for Starbucks (SBUX). Starbucks closed down one percent not far from a 52 week low following a downgrade and a $52 price target from Stephens. Starbucks is saturating the globe with 26,736 stores across 75 countries, but the good news is they are still expanding in China, looking to add 5,000 more stores by 2021.